The Patient Financial Services (PFS) Manager oversees and manages the financial services related to patient accounts, billing, collections and reimbursement within the hospital. The role involves ensuring compliance with regulatory guidelines, improving revenue cycle processes and maintaining high patient satisfaction standards regarding billing and financial concerns.
Key Responsibilities: Leadership & Management:Provide training, support and serves as a key leader in coordinating between the finance department, clinical staff, and external stakeholders to ensure efficient financial operations that support the hospital's goals.Set departmental goals, monitor performance, establish performance metrics and ensure alignment with hospital-wide objectives.Revenue Cycle Management: Oversee the entire revenue cycle process from patient registration through billing, collections and reimbursement.Ensure the accuracy and timeliness of patient billing processes and accounts receivable management.Identify areas for improvement in the revenue cycle to optimize revenue and reduce outstanding receivables.Ensure accurate and timely submission of claims to insurance providers and patients, while monitoring the billing process.Financial Counseling:Develop and implement financial counseling services for patients to address questions about billing, insurance coverage, payment options and financial assistance programs.Monitor patient satisfaction related to financial services and implement strategies to improve patient communication and financial understanding.Compliance and Reporting:Ensure adherence to relevant healthcare regulations.Prepare regular reports on financial performance, including billing and collections data.Qualifications: Bachelor's degree or diploma in a related field.A minimum of 5-7 years of experience in hospital patient financial services, revenue cycle management, or healthcare billing and collections with 3+ years of management or supervisory experience in a healthcare setting. Knowledge of healthcare billing practices, insurance claims processing, collections and financial reporting.Proficiency with hospital billing software and electronic medical records (EMR) systems.Strong leadership, communication, and interpersonal skills.Ability to work effectively with stakeholders, including staff, clinical teams, insurance companies and patients.Analytical skills to assess financial processes and identify areas for improvement.Problem-solving and conflict-resolution skills to address patient financial concerns and operational challenges.Candidate with more extensive experience will be considered for the Senior Manager position.